Carnival, Star Team Up To Buy NCL
Carnival Corp. and Malaysia's Star Cruises surprisingly joined forces in a battle to buy Norwegian cruise firm NCL Holding. The two companies dropped a bidding war in favor of Star's lower $1.1 billion share offer for NCL. Star will stick with its 35 crowns per share bid for NCL, expiring on Feb. 10. Carnival will cancel a planned 40 crowns NCL offer and instead acquire a 40 percent stake in Arrasas Ltd., Star's unit set up to acquire NCL. Star would hold the remaining 60 percent. Star and Carnival are aiming to oust the current board and appoint lawyer Ole Lund, the former chairman of the Oslo bourse, as the new NCL chairman at a shareholders' meeting on Friday.
Star, Carnival Declare Victory In NCL Matter
Star Cruises and Carnival Corp. declared victory in a takeover bid for Norwegian cruise group NCL Holding, saying they controlled more than 90 percent of the shares. Arrasas Ltd., 60 percent owned by Star and 40 percent by Carnival, said it controlled 247.88 million shares, or 92.6 percent, of NCL under the $1.9 billion stock and debt takeover offer. Under Norwegian law, firms can force minority shareholders to accept a takeover offer by surpassing 90 percent control. Star and Carnival, the world's biggest cruise group, joined forces last month behind a 35 crowns per share offer for NCL. Carnival had previously launched a bidding battle in December by offering 30 crowns per share for NCL on its own.